Securities Appellate Tribunal
Arrowline Distributors Pvt. Ltd. vs Sebi on 16 April, 2024
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date: 16.04.2024
Misc. Application No. 154 of 2024
And
Appeal No. 219 of 2024
Gokul Solutions Ltd. ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Mr. Ekansh Gupta, Advocate i/b Ms. Akansha Jain, Practicing
Company Secretary for the Appellant.
Mr. Manish Chhangani, Advocate with Mr. Sumit Yadav,
Mr. Abhay Chauhan and Mr. Atul Kumar Agrawal, Advocates i/b
The Law Point for the Respondent- SEBI.
WITH
Misc. Application No. 173 of 2024
And
Appeal No. 220 of 2024
Arrowline Distributors Pvt. Ltd. ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Mr. Ashim Sood, Advocate i/b Mr. Vikas Bengani, Advocate for
the Appellant.
Mr. Manish Chhangani, Advocate with Mr. Sumit Yadav,
Mr. Abhay Chauhan and Mr. Atul Kumar Agrawal, Advocates i/b
The Law Point for the Respondent- SEBI.
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WITH
Misc. Application No. 178 of 2024
And
Appeal No. 221 of 2024
Metrocity Suppliers Pvt. Ltd. ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Mr. Tejas Madhavi, Advocate for the Appellant.
Mr. Manish Chhangani, Advocate with Mr. Sumit Yadav,
Mr. Abhay Chauhan and Mr. Atul Kumar Agrawal, Advocates i/b
The Law Point for the Respondent- SEBI.
WITH
Misc. Application No. 262 of 2024
And
Appeal No. 222 of 2024
Sourav Nursing Home Pvt. Ltd. ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Mr. Yahya Batatawala, Advocate i/b Mr. Yahya Batatawala,
Advocate for the Appellant.
Mr. Manish Chhangani, Advocate with Mr. Sumit Yadav,
Mr. Abhay Chauhan and Mr. Atul Kumar Agrawal, Advocates i/b
The Law Point for the Respondent- SEBI.
WITH
Misc. Application No. 270 of 2024
And
Appeal No. 223 of 2024
Sourav Builders Pvt. Ltd. ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
3
Mr. Saurabh Bacchawat, Advocate with Mr. Yahya Batatawala,
Advocate i/b Mr. Yahya Batatawala, Advocate for the Appellant.
Mr. Manish Chhangani, Advocate with Mr. Sumit Yadav,
Mr. Abhay Chauhan and Mr. Atul Kumar Agrawal, Advocates i/b
The Law Point for the Respondent- SEBI.
WITH
Misc. Application No. 271 of 2024
And
Appeal No. 224 of 2024
Sourav Management Pvt. Ltd. ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Mr. Yahya Batatawala, Advocate i/b Mr. Yahya Batatawala,
Advocate for the Appellant.
Mr. Manish Chhangani, Advocate with Mr. Sumit Yadav,
Mr. Abhay Chauhan and Mr. Atul Kumar Agrawal, Advocates i/b
The Law Point for the Respondent- SEBI.
ORDER:
1. Connect with Appeal No. 13 of 2024.
2. Three weeks time is allowed to the respondents to file their reply. Three weeks thereafter to the appellants to file their rejoinder. List on June 24, 2024.
4
3. Having heard all the parties on the interim relief sought by the appellants, I am of the view that the appellant Gokul Solutions Ltd. vs SEBI in Appeal No. 219 of 2024 is at the same footing as Sanjay Kumar Agrawal & Anr. vs SEBI in Appeal No. 13 of 2024. Therefore, Gokul Solutions Ltd. vs SEBI in Appeal No. 219 of 2024 are allowed the same relief. The other appellants, Arrowline Distributors Pvt. Ltd. vs SEBI in Appeal No. 220 of 2024, Metrocity Suppliers Pvt. Ltd. vs SEBI in Appeal No. 221 of 2024, Sourav Nursing Home Pvt. Ltd. vs SEBI in Appeal No. 222 of 2024, Sourav Builders Pvt. Ltd. vs SEBI in Appeal No. 223 of 2024 and Sourav Management Pvt. Ltd. vs SEBI in Appeal No. 224 of 2024 have pleaded that the impugned trades fall in the same category as that of 27 other entities who have been issued administrative warning. Considering the same, interim relief is allowed to these entities. The appellants are directed to deposit a sum of Rs. 2.50 lakhs each before the respondent within two weeks from today. If the same amount is deposited, no further coercive action will be taken by the respondent.
4. Delay in filing the appeals in all these appeals is condoned for the reasons stated in their misc. applications seeking condonation of delay. Misc. Application Nos. 154 of 2024, 173 5 of 2024, 178 of 2024, 262 of 2024, 270 of 2024 and 271 of 2024 are allowed.
Ms. Meera Swarup Technical Member PRERNA Digitally signed by 16.04.2024 MANISH PRERNA MANISH KHARE PK KHARE Date: 2024.04.17 15:02:53 +05'30'